SSUSD Board approves audit reports

The Sierra Sands Unified School District Board of Education voted 5-0 Thursday, with one member absent, to accept the 2011-12 audit reports for the Sierra Sands Unified School District and the Inyo-Kern Schools Financing Authority. Boardmember Amy Covert was absent.

The Sierra Sands Unified School District Board of Education voted 5-0 Thursday, with one member absent, to accept the 2011-12 audit reports for the Sierra Sands Unified School District and the Inyo-Kern Schools Financing Authority. Boardmember Amy Covert was absent.

Assistant Superintendent of Business Services Elaine Janson said both activities received unqualified opinions from the auditing firm of Burkey Cox Evans Bradford & Alden Accountancy Corporation.

California Education Code Sections 35145 and 41020, require the district to conduct an annual audit and report the findings to the board.

Janson said there were no material findings or deficiencies for any of its financial statements, state awards or federal awards.

"This is the first time that has ever happened," she said. "We usually do not have a lot of findings, but we've had one or two in the past."

She said the district complied in all respects with the trail controls and other regulations associated with financial reporting and procedures for public entities.

Janson said there were findings related to student funds and attendance accounting in last year's audit.

"Our audit this year concluded that we were in complete compliance, and we were fully implemented in those areas," she said.

District Finance and Budget Director Gavin MacGregor talked about the seven charts that accompanied the audit report.

He said the first four charts dealt with district funds, assets and liabilities.

"As we look at the budget, we look primarily at the general fund and how it's related to our general operations," MacGregor said.

He said the first chart is related to total net assets.

"Our total net assets is basically all our our assets including our funds, our fixed assets and those sorts of things minus our total liabilities," he said. "We saw an increase of about $1.2 million in our total net assets."

MacGregor said the second chart was a more detailed description of the $1.2-million increase.

"Primarily what makes up that $1.2 million is our continuing facilities-modernization program," he said. "As we utilize those funds and those turn into assets as we improve our buildings, that's noticed in our change."

He said the third chart shows the district's revenue sources for the year ending June 30, 2012.

"In 2011-12 we received approximately 55 percent of our revenue through what we typically call revenue limit, which is going to be our state aid as well as property taxes."

The next chart dealt with expenditures for the year ending June 30, 2012.

"We recognize that about 49 percent of all total expenditures were instruction and instruction-related," said MacGregor. "This is all funds, including the modernization funds and IKSFA funds that we utilized. As we look at these expenditures, we also see a large amount of plant services. That would be reflective of our modernization effort."

Page 2 of 2 - He said the fifth chart was a view of balance in the general fund.

"We had an uptick in our general-fund balance due primarily to a less-than-anticipated revenue-limit cut relating to the trigger cuts," he said. "The proposal given by the governor didn't end up being quite as significant as we were planning, which helps us going forward into the future."

The sixth chart showed the district's average daily attendance.

"It shows a decline in our enrollment," MacGregor said. "We're hopeful that it'll eventually curtail and not continue to decline. We'll have to see how that progresses."

The last chart, he said, shows the Sierra Sands' general long-term debt.

"We don't have any new long-term debt that we've taken on in 2011-12," he said. "There's a slight decrease as we've paid down some of that debt."